My husband and I were invested thru companies we worked for handled our benefits, including IRA accounts. After, these companies down sized, we had to handle our IRA accounts by ourselves. We have reputable financial advisors, for many years. Our IRA portfolio was passed to another advisor when our 1st Broker got a promotion to another company. Because we were able to handle our pensions, without dishonest advisor, we were shocked with the new assigned Broker looking at the total IRA investment; seeing a way to increase his commission. The Investment Company failed to supervise this was an unknown broker they choose to mishandle our Pension Plan. By the time he was finished, he sold everything telling us the sky was falling, we would end up like Enron, Bankrupt, when we retire. He sold solid PPL reinvestments funds, 6 1/4 CD, etc. He made enough commission to take his family to Disney.
When we realized we were scammed, our account lost a large amount of money. Our fees were $80.00 per year, it immediately went to over $2,000 each per year, for them to loose 2/3 of the Pension Portfolio. The Security Industry makes you sign a clause stating if you have a conflict with the Broker or Broker Firm, you have to file with Security Regulator. This process is a scam.
The process is so difficult that Attorney refuse to handle these cases, so you are left to go PRO SEA. We have lost most of our pensions, now the recovery process is so unreasonable to recover. Investment Magazines states Regulator only rules in favor of the defrauded invester 40% of the time. Information that is required to submit a claim with Regulator, includes TAX RETURNS for 3 years,(opening your claim to ID Theft and invasion of privacy) The bases of your complaint get involved with unrelated info, endangering you being defrauded again, because of this privacy loss to this agency you are forced to use to recover your defraud Pension Plans.
This process takes years to even get to court, while our retirement is scheduled for 8 years. This Broker and Investment Firm have violated so many Security Laws, it is radiculas. The Security Attorney's hired to resolve this problems, get so far, then quits, leaving you in Legal Limbo. We did not to provoke this situation, as my husand has lung cancer, was a Medical Hospital, most time the broker defrauded our Pension Plan, we could not stop him. That was 5+ years ago, nothing is settled. Why?
Madloff, which they are blaming this issue on him If investors were deceived by someone like Madloff how does Regulator expect us to trust anyone in Security industry, adding insult to injury by forcing defrauded investors to give them 3 years of income taxes, resumes, other unreasonable info. The mandatory requirements is subjecting the defrauded investor, to more fraud, or ID theft.
We had to have two major credit cards shut down and reissued because of ID theft. My father passed away in June 2009, his Estate was defrauded by ID theft. His estate is in a Will Contest, again defrauding the correct heirs costing $15,000 in Attorney fees, because our fathers income tax was used to defraud his estate for his children, grandchildren, and great grandchildren.
We can to prove the fraud, but Will Laws for the State of Pa, are as unfair as the Security Laws. It is not hard to prove the defrauding in each account, if you can get to court, and the Attorney's of record is required to finish the jobs they are hired to do.
Dealing with the courts and Attorneys, in themselves, want to much of the pot, it is money our 89 year old father, saved his entire life time, the other is our Pension Plans defrauded during our pre-retirement years. These issues are normal and expect by the courts, making you and your family victims to fraud to inheritance that was theirs to go to college, or forcing retires to live from week to week during their retirement because some dishonest broker wanted to take his kids to DISNEY.
FRAUD IN AMERICAN, we condemn other countries for being unfair to their citzens, our laws need to revised stopping this fraud to our families, that is making it impossible to restore with Justice our Judicial System to All.
There is no Justice in In Justice.
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